EagleFX

EagleFX

4.5

Score: Very good

Relatively new broker with a focus on the Asian and African forex trading markets > Responsive, knowledgeable customer support on hand 24/7 > Tight spreads with a great selection of digital assets to trade

About EagleFX

One of the newest entrants into the forex trading market is EagleFX, which focuses on changing the way people trade forex and digital assets while providing top tier customer support. Popular for their low-cost pricing across all the classes of digital assets they offer, their presence has grown significantly within the last year. If you want to see how EagleFX stacks up against the competition, read the following review of EagleFX for an answer to the ultimate questions: is EagleFX good, and how does it compare to the best broker out there?

Responsive customer support team available 24/7

Cold storage fund protection for cryptocurrencies

Tight spreads and transparent pricing structure

Free same-day withdrawals

Products and Trade Offers

EagleFX operates as an STP – or ‘Straight Through Processing’ – dealer, meaning that every trade is completed directly by them. This eliminates the need for a dealing desk, the risk of requotes and reduces the risk of price manipulation. Each time a trade is placed, the EagleFX system compares the available rates on offer by their liquidity partners and locks in the best rate for the customer in a given trade. This process of price aggregation occurs within fractions of a second and ensures the best price possible is offered to clients. By partnering with a number of leading investment banks and ‘dark pool’ liquidity providers, optimal trading conditions are provided to customers.

EagleFX provides a decent portfolio for users to choose from. In terms of forex currency pairs, the major pairs are covered with a decent selection of exotics as well. Although not the most comprehensive in terms of volume, all the main currency pairs are available to trade, and the vast majority of forex traders should be more than satisfied. In addition to the 11 indices on offer, EagleFX also provide support for cryptocurrency trading across 31 digital currencies. This is a great selection, and it’s fantastic to see EagleFX so strongly supporting digital asset classes.

Customer support team on-hand 24/7

Tight spreads

Transparent fee structure

Same day withdrawals

Great affiliate program

Could offer more forex pairs

No major industry awards yet

More educational resources would be nice

Commissions and Fee Charges

One of the most important factors when it comes to deciding which of the many platforms out there you want to use, is how much it will actually cost you. Figuring out what fees you will have to pay on each trade or, alternatively, what kind of spreads you will be offered, will have a massive impact on the overall profitability of your portfolio. Figuring this out, however, is often a lot more difficult to do than you would think, and trading platforms tend to make this information difficult to find.

This is not the case with this broker, as we discovered during our review of EagleFX, as they are incredibly up front about exactly how much it will cost you to trade with them. EagleFX endeavours to offer the most competitive spreads possible on all the asset classes listed on the platform, and detailed information on this can be viewed through the main page of the website itself. Their advanced pricing system ensures spreads stay tight and competitive, with spreads on the EUR/USD and GBP/USD, for example, coming in at around 1 and 1.4 pips respectively. Whilst not necessarily the tightest out there, EagleFX ranks competitively other brokers. Additionally, EagleFX also charges a fee of $6 per lot.

What Others Say

EagleFX offers a number of different account types through the trading platform, such as the MetaTrader 4 (MT4) and web-based CloudTrade platform. MT4 accounts can be opened up on the platform in your chosen currency and the amount of leverage you want to have access to. Once the various account options have been set, the account then goes live and you can begin trading.

It was discovered during this EagleFX brokerage review that demo trading accounts are available for all users who sign up to the platform. Importantly, these are free, unlimited and never expire. The demo account is a great way to try out the platform before committing any real funds, and it’s great to see EagleFX not placing any time limits on these accounts.

A somewhat unusual feature you have access to through your EagleFX brokerage account is the ability to set up an Islamic finance compatible account. To do so, simply contact a customer service representative and they will guide you through the process. This is a somewhat unique feature and not one we often see available, so it’s very much a welcome addition

Customer Service

When it comes time to actually trade on the EagleFX platform, there are a number of options on offer for users. Firstly, users are given access to the incredibly popular MT4 trading platform. MT4 is pretty much industry standard these days, and it is one of the most popular supported platforms amongst forex traders. The reason behind the ubiquity of the MT4 platform is simple: it’s very, very good. The interface is incredibly user-friendly, meaning it won’t put off novice traders, while still offering all the advanced options more experienced traders could hope for. The built-in charting package is incredibly functional, and gives users access to line, bar and candlestick charts, in addition to nine time frames, built-in technical indicators, Fibonacci retracements, trend lines and much more. It also comes with a built-in live news feed which allows you to keep up to date with the latest trading news without having to leave the platform. MT4 is industry standard for a reason: it’s easy to use, robust and offers all the features you could hope for. Additionally, EagleFX also gives you access to a web-based cloud trading platform called ‘CloudTrade.’

Platform Features and Tools

One of the most overlooked aspects of many trading platform websites out there is the overall usability of the website. Given how central this is to the overall experience, you would think that significant effort would be put into making forex trading websites as usable as possible. However, for most platforms out there, this is not the case. Often forex trading websites tend to feel cluttered and counterintuitive.

When it comes to the EagleFX website, however, this is not the case. The overall design of the website is excellent, and it is one of the most intuitive and simplest to use we have ever reviewed. The aesthetic is very sleek looking and is something the team at EagleFX have obviously put a lot of effort into. All the relevant information is easy to find within a matter of moments and you never feel like you are having to search too deeply to find what you want. We were particularly impressed with the FAQ and ‘Search’ section of the website during our review of EagleFX, which worked flawlessly.

The only criticism we would make is that the web trader can feel a little bit basic for our tastes, although the availability of the MT4 platform makes up for this.

Mobile Trading

When it comes to choosing an online brokerage, one of the most important aspects of any platform is how well the customer support stacks up to the competition. This is so important in the context of online forex trading, as you are dealing with potentially sensitive financial and personal information, and any issues with this could potentially cost you big. Unfortunately, this is not always the case for many brokerages out there. And in the world of forex trading, customer service can often be quite slow and unresponsive.

When it comes to the customer support offered by EagleFX, however, this is most certainly not the case. In this reviewer’s experience, the customer support at EagleFX has been generally very positive. Response times to any queries we had were typically very quick, and the answers given were knowledgeable and, most importantly, actionable. Customer support is available through the website via phone, email or live chat 24/7. Having customer support on hand 24/7 is a rarity for this industry where coverage typically tends to be provided on a 9-5, 5-day per week basis. In this regard, it is very encouraging to see EagleFX going that extra mile.

Robo Trading

When it comes time to actually withdrawing your trading and investment funds from the EagleFX platform, the overall process is relatively simple and, thankfully, efficient. EagleFX allows clients to withdraw using Bitcoin, Coinbase, PayPal or via pre-paid MasterCard. Importantly, EagleFX does not charge any additional fees for withdrawing using any of these methods, which is a significant advantage covered in this EagleFX brokerage review. The minimum withdrawal via Bitcoin is $10, and there are no limits on maximum withdrawal. Withdrawals tend to be processed incredibly quick, and EagleFX has a specialist payments team who review and process all withdrawal requests on an hourly basis. Withdrawal requests tend to be reviewed and processed within 30 minutes and, once checked over by the payments team, funds could be in your Bitcoin wallet of choice within an hour.

Deposits are processed similarly quickly, particularly those made using Bitcoin. Deposits can be made via credit card, debit card, wire transfer, or Bitcoin, and the minimum deposit amount currently stands at 10 USD/GBP/EUR.

Research and Learning Section

One of the most interesting new features on the EagleFX platform is the affiliate program they make available for users of the platform. This entails a potentially lucrative commission scheme, which allows users of the platform to generate income for each new client they refer to the EagleFX platform, in addition to any income generated through EagleFX stock trading.

All you have to do to benefit from this, is to get the new client to sign up using an affiliate link provided to you by EagleFX. Once they do so, you will earn an amount of residual income for each trade they make using that account. If successful, each affiliate partner will earn $2 per lot traded on every completed trade starting from their first trade. This is a great way for you to diversify your income sources as an online trader, whether you are trading part-time or full-time. EagleFX’s affiliate scheme compares very favourable compared to some of the other brokers, and is one we would hope to see repeated elsewhere!

Regulatory Details

When it comes to protecting your brokerage account, you shouldn’t take any risks given the sensitivity of the information involved. Thankfully, EagleFX provides users with two-factor authentication. This allows you to protect your account from unauthorised access by requiring additional information when you sign in. Account sign-ins are authenticated using the free, readily available Google Authenticator app. Once enabled, you will be required to scan a QR barcode using the app, which then unlocks a verification code you use to log in.

Additionally, as part of their commitment to giving the highest levels of protection, EagleFX protects client funds using cold-storage protection. This means that client funds are not present on the web-servers themselves and are instead stored off-site in a secure location. The only amount kept online is the amount needed to cover active trades, with all other funds kept secure from would-be hackers. As part of this, EagleFX has a comprehensive risk management plan in place which allows them to be proactive in meeting any potential risks to users’ trading accounts.

OUR SUMMARY

Having only been founded in 2019, these are still very early days for EagleFX. Having said that, the progress they have made in such a relatively short amount of time is very promising. When it comes to trading on the platform, the experience is very smooth overall, and it certainly matches that of its similarly sized competitors. While not having the biggest spread of currency pairs available, the selection of assets classes is pretty decent overall and should be more than enough for most traders out there. The support for cryptocurrencies is particularly good, and Bitcoin support is seamlessly integrated into the platform. Although we would like to see support for the MetaTrader 5 platform, the MT4 platform more than does the job – this could be something to implement in the future, however. This review of EagleFX also highlighted the affiliate program, which offers users a great way to make a little bit of extra cash. Considering the high levels of customer support and generally robust trading on offer, EagleFX compares very favourably to the highest-ranking platforms in our broker comparison.

TRADING DISCLAIMer

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
72% of retail investor accounts lose money when trading CFDs with this provider. You should
consider whether you understand how CFDs work and whether you can afford to take the high risk
of losing your money.